LS Cable & System Asia achieved its highest-ever performance last year with orders for projects in Southeast Asia, including Vietnam.
LS Cable announced on Jan. 17 that its consolidated operating profit reached 25.95 billion won last year, up 44.5 percent from 19.96 billion won the previous year. Sales reached 520.3 billion won last year, up 17.9 percent from 441.272 billion won the previous year.
Its net profit also rose 59.3 percent to 17.08 billion won from 10.72 billion won over the same period. Analysts say the rise in the growth rate of Southeast Asian countries, including Vietnam, the company's main market, is the result of an increase in electricity demand as well.
Vietnam's GDP growth reached 7 percent last year. "We are continuing to invest in facilities to cope with the growing demand for electricity in Vietnam," a company official said. "We are expecting that medium voltage (MV) cables, which will be completed this year, will be the new growth engine."
LS Cable is the holding company of two Vietnamese production companies and Myanmar production company. In Vietnam, it produces high- and medium-voltage power cables, wire materials and telecommunication cables. In Myanmar, it manufactures low-pressure power cables and aerial cables.
